Billionaire real estate developer Ian Bruce Eichner usually attracts wealthy buyers to high-end real estate, but one of his buildings in New York City has some owners scrambling to get out.
Eichner's 26-story Manhattan Club opened its doors in 1997 and was sold as a luxury time share, but some of its buyers are crying foul, complaining they got a raw deal because after paying up, the units were next to impossible to book.
One former owner recently told CNBC the deal was so bad he sold his penthouse time shares back to developers for $1 each, just to get out of paying the Manhattan Club's annual fees.
After an investigation by the New York attorney general's office in July, the Manhattan Club was slapped with a cease-and-desist order and AG Eric Schneiderman called it a "bait and switch" scheme.
While former and current buyers anxiously await the conclusion of the AG's investigation, a former Manhattan Club employee involved in the sales to prospective buyers made a shocking claim, telling CNBC in an exclusive interview: "You'll never have a problem booking a room, that's the biggest lie. No. 1. Reality is if you own it you can't get rid of it, unless you give it away."